Cosco Shipping Ports’ bottomline sees 4% y-o-y dip in 3Q 2023:Cosco Shipping Ports(CSP), Cosco Shipping’s port operation subsidiary with several terminals in the MENA region, logged a 4% y-o-y decline in its bottomline in 3Q 2023 to USD 83.3 mn, according to an earnings release (pdf). The company’s topline logged a 2.7% increase in the same period to USD 358.9 mn. Despite a slowdown in the global economy cited in the company’s statement, CSP’s throughput for 3Q 2023 increased 4.1% y-o-y to 35.6 mn TEU, the statement said.

Why we care: Cosco Shipping Ports owns 20% stakes in the Suez Canal Container Terminal in Egypt, and in Saudi Arabia’s Red Sea Gateway Terminal, according to its website.

Flexport eyes failing freight startup Convoy: Freight forwarder Flexport is engaging in discussions to acquire the technology of troubled US-based digital freight startup Convoy, the Wall Street Journal reports, citing a source in the know. The potential acquisition aims to strengthen Flexport’s footprint in the domestic US trucking sector, as it looks to increase its bottom line.

Shipsy sets up innovation center in the Netherlands: Smart logistics management platform Shipsy — which has refamazongional operations — has established a new innovation center in the Netherlands as part of its global expansion plan, according to a press release. Through the center, Shipsy aims to provide support for its growing European customer base.

ALSO FROM SHIPSY- The company recently completed an acquisition of cloud-based warehouse management system (WMS) and inventory management solution provider Stockone to expand its product portfolio, according to a separate press release.

ALSO WORTH KNOWING-

  • Boeing has reduced its 737 Max delivery forecast as it works to address production flaws in the bestselling plane. (CNBC)
  • United Parcel Service(UPS) has agreed to acquire software and reverse logistics companyHappy Returns from PayPal, anticipating the acquisition to be finalized in 4Q 2023. (WSJ)
  • Danish shipping company and bunker trader Bunker Holding and Canadian green hydrogen development platform NeoGreen Hydrogen Corpinked an MoU to collaborate onthe operations, logistics, and marketing of green ammonia and synthetic fuels across NeoGreen’s global project portfolio. (Press release)
  • USsenators have inked a letter to President Joe Biden calling for the administration to reduce import duties on Moroccan-made phosphate fertilizers to provide relief for US farmers. (Statement)
Tags: